TeraWulf (WULF) Skyrockets 11.9% as Firm Kicks Off New Data Center Expansion

TeraWulf Inc. (NASDAQ:WULF) is one of the 10 Stocks Worth Watching Right Now.

TeraWulf soared by 11.86 percent on Monday to finish at $16.41 apiece, as investors cheered plans to expand its data center assets following the successful raising of $500 million in fresh funds.

In a regulatory filing on the same day, TeraWulf Inc. (NASDAQ:WULF) said that it entered into a delayed-draw bridge credit agreement with Morgan Stanley, proceeds of which will be used to construct and develop a data center facility in Hawesville, Kentucky.

TeraWulf Inc. (NASDAQ:WULF) may also pay its loans based on two options: a term secured overnight financing rate (SOFR) determined by reference to the SOFR published, under which the rate shall be no less than zero plus an applicable margin of 2.75 percent per annum, or a base rate determined by reference to the highest of the federal funds rate plus 0.50 percent per annum; Morgan Stanley’s prime rate; a one-month term SOFR; and a 1 percent per annum plus an applicable margin of 1.75 percent per annum.

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The fundraising followed the company’s announcement last month that it acquired two land parcels in Kentucky and Maryland, where its next data centers are set to rise.

In Kentucky alone, TeraWulf Inc. (NASDAQ:WULF) acquired a former industrial site capable of housing 250 buildable acres for compute capacity, high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network.

At present, the Hawesville site operates 480 MW of existing power and has the potential to expand over time. Redevelopment of the area is expected to occur in phases.

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